- Polychain capital is leading a $22 million investment in Upshot, a protocol that provides non-fungible token (NFT) appraisals, according to an announcement posted on the company’s blog on Wednesday. The company said it will use the funding to expand its team and develop its technology.
- The protocol Upshot seeks to create a new market for the appraisal of non-fungible tokens (NFTs), which are digital assets that can represent anything from a piece of art to a virtual game currency to an index of stocks.
Is it Worth Investing in Upshot?
- Upshot is a protocol for the automated valuation of non-fungible tokens (NFTs) on the Ethereum blockchain. The team behind Upshot works with the world’s largest custodians and brokers to bring trust less, transparent, and automated valuations of NFTs to the Ethereum blockchain, and they are currently in the process of conducting a Series A2 funding round with $22 million in a round led by Polychain Capital.
- Upshot is a protocol that provides non-fungible token (NFT) appraisals, has raised $22 million in a Series A2 funding round led by Polychain Capital, Evaluating the value of an NFT is a complicated task because the answer is essentially “what someone is willing to pay.”
- Pricing data, however, is impractical for a number of reasons, not least of which is the fact that NFTs are used for a variety of different purposes.
- The protocol offers the first fully automated, secure, and decentralized appraisal protocol for NFTs. It uses NFTs to represent “real” assets with a range of characteristics.
Future planning of Upshot
The founders of Upshot are motivated by their enthusiasm for the NFT technology and the potential of the protocol to provide a reliable way to get people to take the time to appraise the value of an NFT. While they are planning for their future, they are also making a bet on the future of NFTs.
